Commercial Metals Company (CMC) Forecasted to Post FY2018 Earnings of $1.08 Per Share
Commercial Metals Company (NYSE:CMC) – Research analysts at KeyCorp increased their FY2018 EPS estimates for Commercial Metals in a research note issued to investors on Tuesday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will earn $1.08 per share for the year, up from their previous estimate of $1.05. KeyCorp also issued estimates for Commercial Metals’ FY2019 earnings at $1.36 EPS.
A number of other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Citigroup cut their price objective on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, September 15th. Bank of America reaffirmed a “neutral” rating and set a $21.00 price objective (up previously from $20.00) on shares of Commercial Metals in a research report on Tuesday, September 5th. Jefferies Group cut their price objective on shares of Commercial Metals from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 30th. Finally, Macquarie initiated coverage on shares of Commercial Metals in a research report on Wednesday, September 6th. They set an “underperform” rating and a $16.00 price objective on the stock. Three analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $21.88.
Institutional investors and hedge funds have recently modified their holdings of the stock. Comerica Bank raised its position in Commercial Metals by 30.7% during the second quarter. Comerica Bank now owns 153,530 shares of the basic materials company’s stock valued at $3,071,000 after acquiring an additional 36,049 shares in the last quarter. Arizona State Retirement System grew its holdings in Commercial Metals by 1.5% during the second quarter. Arizona State Retirement System now owns 48,800 shares of the basic materials company’s stock valued at $948,000 after purchasing an additional 700 shares during the last quarter. Koch Industries Inc. acquired a new position in Commercial Metals during the second quarter valued at approximately $270,000. Royce & Associates LP grew its holdings in Commercial Metals by 10.8% during the second quarter. Royce & Associates LP now owns 1,651,577 shares of the basic materials company’s stock valued at $32,090,000 after purchasing an additional 161,000 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new position in Commercial Metals during the second quarter valued at approximately $29,018,000. 88.62% of the stock is currently owned by hedge funds and other institutional investors.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.31%. The ex-dividend date was Tuesday, November 7th. Commercial Metals’s payout ratio is presently 177.78%.
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Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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